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Thyssenkrupp Q3 adjusted EBIT increased to €441 million

Staff Writer |
Thyssenkrupp adjusted EBIT increased in the 3rd quarter to €441 million, but was weaker year-on-year due to the decline in the materials businesses.

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In the first 9 months adjusted EBIT was down by €259 million at €1,001 million (prior year €1,261 million) and in the 3rd quarter by €98 million at €441 million (prior year €539 million).

Five out of six business areas achieved a significant quarter-on-quarter improvement in adjusted EBIT in the 3rd quarter. Steel Americas generated strong positive earnings at €39 million. Only Industrial Solutions reported a decline as expected against an exceptionally strong Q2.

Quarter-on-quarter the group more than doubled its net income from €45 million to €124 million in the 3rd quarter. Overall in the first 9 months net income came to €115 million (prior year €279 million).

After deduction of non-controlling interest, net income was €168 million (prior year €297 million). Earnings per share came to €0.30 (prior year €0.52).

Free cash flow before M&A was significantly better in the 3rd quarter €205 million than in the 2nd quarter (€(365) million). Over the first 9 months the figure was as expected clearly negative at €(1,007) million, mainly due to a normal seasonal increase in net working capital.

Accordingly net financial debt increased to €4.8 billion in the first 9 months, but decreased slightly quarter-on-quarter. Compared with September 30, 2015 total equity was lower at €2.7 billion. This was mainly due to the revaluation of pensions as a result of lower interest rates.

As a consequence the group’s gearing increased temporarily to around 175 per cent. By the end of the fiscal year thyssenkrupp expects a significant improvement in gearing to below 150 per cent.

For the full year the Executive Board continues to expect the group to achieve adjusted EBIT of at least €1.4 billion and net income level with the prior year (prior year €268 million).

The efficiency program “impact” will contribute EBIT effects of at least €850 million. Depending on payment timing on major orders, free cash flow before M&A is expected to be between a low three-digit million euro negative figure and break-even.


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